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India is a growing market for automobiles and the passenger car market has showed growth double digit growth over the years. The growth is seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is an economic and small car market place. International car manufacturers have also made their presence felt by creating cars for the Indian soil.
From a period, where owning a car itself was difficult, we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from Central Bank of India can help you.
A car loan is a loan provided by banks and NBFCs for the purchase of a car of the customer’s choice. Most of the lender provide funding for up to 90% of the value of the car and up to 100% on select models. The repayment can be done in Equated Monthly Installment (EMI). If you are looking for a car loan, Central Bank of India could be the best option to get a better deal on the car loan.
Headquartered in Mumbai, Central Bank of India is one of the oldest and largest banks in India. Central Bank of India provides funding for the purchase of all kinds of cars. The borrower can pay back Central Bank of India through equated monthly instalments or EMI(s). Central Bank of India believes in providing car loans to the right applicants and thereby helping them purchase a car which is also cost-effective.
The loan is known as ‘Cent Vehicle’ loan. You can check out the following information to know more about the details of the loan.
Loan Amount: For new vehicles, the loan amount is up to INR 75 Lakhs and for old cars, the loan amount is up to INR 10 Lakhs. The loan will be sanctioned on the road price of the vehicle. Any additional charges will have to be paid by the borrower.
Tenure: The repayment period for new cars is up to 84 months and for old vehicles, it is up to 60 months.
Margin: Minimum of 10% of road price of the vehicle for new cars and 25% of value of the pre-owned cars. If the car value is above INR 20 Lakhs, the margin is 20% of cost of the car.
The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.
Age: The applicant should be minimum of 18 years old and maximum up to 65 years old.
Salary Requirement: The applicant should have minimum annual income of INR 2,40,000.
Employment status: You should be a salaried, self-employed individual or an independent entrepreneur with stable income. Non-resident Indians also can apply for the car loan with Central Bank of India.
Residential Stability: You should have proof of residence to show whether you live in a rented or owned or parental accommodation.
The interest rate is fixed at MCLR + 0.40%. The interest rate is subject to change depending on the credit profile of the customers.
Prepayment Charges: No charges are levied as foreclosure fees.
The following are the documents required for Central Bank of India car loan
The following documents are further required in case of pre-owned cars loans
Before a person applies for a Central Bank of India car loan it is best to do an eligibility check which is available on the Central Bank of India website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Central Bank of India Car Loan EMI calculator.
The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.
CreditMantri’ s Car Loan EMI Calculator and Central Bank of India Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
The car loan can be repaid in the following methods
Standing Instruction, ECS or Post-dated cheques etc.
1. What is the maximum tenure for Central Bank of India car loan?
The maximum loan tenure is up to 84 months for the purchase of new cars.
2. What is maximum loan amount for Central Bank of India car loan?
The maximum loan amount for new vehicle is up to INR 75 lakhs while it is up to 10 Lakhs for used cars.
3. What type of cars do Central Bank of India provide car loans for?
Central Bank of India offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.
4. Do I have to provide any security to avail an Central Bank of India car loan?
Central Bank of India car loan is a form of secured loan where your car will act as a collateral.
5. Can I sell my vehicle before I repay the entire car loan taken from Central Bank of India?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Central Bank of India. The NOC can only be obtained after foreclosure or after you have paid off your loan.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.